Govt. Grants in excess of 50% of total receipts to be termed as 'Substantially Financed' for sec. 10(23C) purpose

IT: By introduction of Explanation to section 10(23C) w.e.f. 1-4-2015, it has been clarified that if grant from Government is in excess of 50 per cent of its total receipts, it is to be taken as substantially financed by Government and 'substantially financed' in terms of Explanation to section 10(23C) means i.e., qua total receipts and not qua total expenditure

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